BitcoinLong
BTCUSD 12/7/2020: For this week only
Updated
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
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Other Bitcoin related technical analysis is found below.
No more updates in comment section after I published this idea.
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Technical Analysis
1W
Still looks good
1D
RSI - Bullish Convergence
Stoch RSI - Potential Bullish Convergence (if it make a bullish crossover after a daily candle closed)
MACD - Potential Bullish Crossover
MACD Histogram - Bullish Convergence
4HR
Bearish Convergence totally invalidated on RSI, Stoch RSI & MACD
Bullish Convergence - RSI & Stoch RSI
Bullish Divergence - MACD Histogram
Elliot Wave Count
First of all, in order for the pattern to be successful, it needs to break to resistance kevel at $ 19,553.00 & $ 19,700.00. I think if it make a breakout on two resistance levels, there is a chance to make a retest for at least once then move up to the target of $ 21,000.00. On the other hand, failure to break those resistance level I mentioned, I may reverse to move down. So, it maybe corrective than impulsive (in case of failure). Remember that this trade is risky but the reward is great. Also, Triangle Patterns is tricky and risky to trade. Therefore, manage your risk and trade responsibly.
Trading Position
First is safety, I think stop loss should be somewhere the lows of bullish spinning top candle at $ 18,870.00. Entry Point is somewhere at $ 19,243.00. Exit Point (Maximum Target) at $ 21,000.00. Capital Allocation is somewhere 1% to 3% of Capital with somewhere 5x to 25x leverage. Everything depends on you. So, manage your risk and trade responsibly. Always accept the outcome of the trade whether in gain or in loss.
____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
____
Other Bitcoin related technical analysis is found below.
No more updates in comment section after I published this idea.
____
Technical Analysis
1W
Still looks good
1D
RSI - Bullish Convergence
Stoch RSI - Potential Bullish Convergence (if it make a bullish crossover after a daily candle closed)
MACD - Potential Bullish Crossover
MACD Histogram - Bullish Convergence
4HR
Bearish Convergence totally invalidated on RSI, Stoch RSI & MACD
Bullish Convergence - RSI & Stoch RSI
Bullish Divergence - MACD Histogram
Elliot Wave Count
First of all, in order for the pattern to be successful, it needs to break to resistance kevel at $ 19,553.00 & $ 19,700.00. I think if it make a breakout on two resistance levels, there is a chance to make a retest for at least once then move up to the target of $ 21,000.00. On the other hand, failure to break those resistance level I mentioned, I may reverse to move down. So, it maybe corrective than impulsive (in case of failure). Remember that this trade is risky but the reward is great. Also, Triangle Patterns is tricky and risky to trade. Therefore, manage your risk and trade responsibly.
Trading Position
First is safety, I think stop loss should be somewhere the lows of bullish spinning top candle at $ 18,870.00. Entry Point is somewhere at $ 19,243.00. Exit Point (Maximum Target) at $ 21,000.00. Capital Allocation is somewhere 1% to 3% of Capital with somewhere 5x to 25x leverage. Everything depends on you. So, manage your risk and trade responsibly. Always accept the outcome of the trade whether in gain or in loss.
____
Note: NOT A FINANCIAL ADVICE TO BUY/LONG OR SELL/SHORT
Trade closed manually
Closing my long position at a small loss due to bearish convergence and bearish divergence. Right now, I don't any position on Bitcoin. Only running short position on Chain LINK and YFI, then the Stop Loss below the entry price on shorts to protect profit. BTC
Trade active
Long Position (yesterday): COMP with SL above entry price.Short Positions (today): BTC with SL below entry price
Short Position (yesterday) : LINK & YFI with SL below entry price.
No more updates in this TA.
Note
Note
still holding positionNote
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